According to Ms. Nguyen Thi Kim Oanh, Chairman of the Bank Card Association, the cashless wave brings about growth and innovation. Statistics indicate a shift in consumer behavior from cash to card payments. Specifically, cash sales tend to decrease, while card spending grows at an average rate of 33%, showing a positive improvement in quality. In the era of ever-evolving digital technology, various payment solutions are continuously introduced to the market, yet cards remain the foundation for these payment methods.
At the conference, Mr. Pham Anh Tuan, Director of the Payment Department of the State Bank, shared that on June 25, 2024, the Vice Governor of the State Bank signed several circulars, including Circular 18 on issuance regulations and Circular 19 related to cards, superseding old practical documents.
Some new points that banks need to pay attention to include provisions on: Requirements for identity documents that customers must provide – for Vietnamese individual customers, the use of passports for identification has been eliminated; Inclusion of Vietnamese-origin individuals who have not yet determined their nationality according to the Law on Personal Information.
Mr. Pham Anh Tuan, Director of the Payment Department, State Bank
For card issuance by electronic means, it is necessary to collect, check, cross-reference, and verify customer information to ensure the match between the biometric data of the cardholder and the data authenticated by the Ministry of Public Security. This does not apply to individuals between 15 and under 18 years old, and supplementary cards will not be issued.
Regarding the specifications for information on the card design: The abbreviated name/trade logo of the cooperative organization should not be larger than the abbreviated name/trade logo of the card-issuing organization, and the information on the card should be in Vietnamese. Physical cards printed before July 1, 2024, can be used by the card-issuing organization until December 31, 2024. The most essential information on the card design includes the name of the TCPHT, the card switching organization, the cooperative card-issuing organization, and the cardholder’s name.
Additionally, there are regulations on card usage limits, card transactions by electronic means, security in card activities, dispute resolution and complaint handling during card usage, and reporting and information provision procedures.
Credit card debt with Eximbank of 8.5 million, payment due of 8.8 billion: Both parties commence negotiations
This morning, on March 19, the representative of Mr. H.A. from Quang Ninh province had a meeting with Eximbank regarding a credit card loan of 8.5 million, requiring a repayment of 8.8 billion after 11 years.
